Miami-Dade, Related Urban reveal massive affordable housing plan, FEMA delays flood insurance rate hikes

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Related’s affordable housing arm is unveiling the River Parc master plan. Miami-Dade County, Related Urban Development and SunTrust will reveal plans for the 22-acre redevelopment as they break ground on the Gallery at River Parc, a 150-unit affordable and workforce housing project. The master plan will add 1,800 of such units to the three public housing projects that already exist on site, currently totaling 800 units. The development is in Little Havana, across from Marlins Park. [Press release]

 

FEMA is delaying its planned rate restructuring for flood insurance premiums until October 2021. The agency hasn’t said how much rates will increase, but it will stop providing subsidized rates and refunds. Congress pushed FEMA to defer the new rates a year after originally planned. Florida, where 35 percent of the National Flood Insurance Program’s policies are written, stands to be impacted the most. [Sun Sentinel]

 

Todd Michael Glaser and former Miami Heat player-turned-DJ Rony Seikaly paid $7 million for a waterfront Miami Beach property. Glaser said the seller, real estate developer Ron Simkins, offered him the unique deal a year and a half ago. Glaser and investment partner Seikaly were able to lease the property at 1635 West 22nd Street on Sunset Island IV, knock down the house, build a new spec home in its place, and buy it when it was completed. It will hit the market for about $19 million. [TRD]

 

Compiled by Katherine Kallergis

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from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2019/11/12/miami-dade-related-urban-reveal-massive-affordable-housing-plan-fema-delays-flood-insurance-rate-hikes/
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